On November 17, 2020 , Gannett Co., Inc. (the “Company”) joined into a change contract (the “Exchange Agreement”) with specific associated with the loan providers (the “Exchanging Lenders”) beneath the business’s senior secured 11.5% term loan Credit Agreement dated November 19, 2019 (the “Credit Agreement”) pursuant to which the business as well as the Exchanging Lenders consented to trade roughly $500 million in aggregate amount that is principal of business’s newly released 6% Senior Secured Convertible Notes due 2027 (the “Notes”) for the your your retirement of an equal number of term loans underneath the Credit contract (the “Exchange”). After the Exchange, the term that is remaining may have a highly skilled principal stability of $1.118 billion (the “Remaining Term Loan”). The Notes were granted pursuant to an Indenture (the “Indenture”) dated at the time of 17, 2020 , between the Company and U.S. Bank National Association , as trustee november.
Relating to the Exchange, the business joined into an Investor contract (the “Investor Agreement”) with all the holders associated with the records (the “Holders”) developing specific stipulations regarding the liberties and limitations regarding the Holders with regards to the Holders’ ownership associated with Notes. The organization additionally entered into an amendment to your Registration Rights Agreement dated 19, 2019 between the Company and FIG LLC november . In addition, the Remaining Term Loan will likely be amended as described below (the “Amendment”).
Records and Indenture
The Notes are fully guaranteed by Gannett Holdings LLC and any subsidiaries of this business (collectively, the “Guarantors”) that guarantee the Remaining Term Loan. The Notes is guaranteed because of the same collateral securing the Remaining Term Loan. The Notes ranking as senior secured financial obligation regarding the Company, utilizing the following security priorities: (i) prior to a Permitted Refinancing (as defined within the Indenture) of all of the staying indebtedness under the Remaining Term Loan with brand new first lien debt that meets certain requirements of the Refinancing Facility (as defined within the Indenture), including, among other items, that (a) the key number of this new financial obligation will not surpass the total amount associated with the Remaining Term Loan (plus interest and charges), (b) the all-in-yield of this brand new debt will not go beyond 9.5% per year and (c) one other regards to this new financial obligation are no less favorable to your business, the Notes and staying Term Loan will share within the security underneath the Remaining Term Loan on a pari passu foundation; and (ii) after any Permitted Refinancing, the Notes is supposed to be guaranteed by a second concern lien on a single security package securing the indebtedness incurred associated with the Permitted Refinancing.